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Sony Group announced today that it has established Sony Innovation Fund: Africa (SIF: AF), a program that will support the growth of entertainment businesses in Africa. Appropriately, the Tokyo multinational conglomerate, through Sony Ventures Corporation (SVC), has earmarked USD 10 M for early-stage startups in gaming, music, film and content distribution.
In addition to the fund’s seed and early-stage investment strategy, it will offer follow-on investments to its portfolio companies. Sony Ventures has an office in all markets where it has invested through its funds: Japan, India, Israel, Europe and the U.S. In Africa’s case, it’ll take a less direct approach. According to Tsuchikawa, the fund will initially be supported by the Sony Ventures team in Europe; however, the company is currently working to hire a full-time member on the continent who can take on the venture capital sourcing function.
“The entertainment field has been a key area of focus for Sony Innovation Fund since the beginning and will continue to be. Africa, in particular, has a vibrant community of creators and entrepreneurs looking to invent new ways to enhance entertainment experiences for audiences and that propelled Sony to establish SIF: AF,” Gen Tsuchikawa, CEO of Sony Ventures.